The first winter election in several generations came and went, and now we have a winner.
The Conservative Party won with a an overwhelming majority and will govern the UK for the next five years. We now know that Brexit with a deal is looking more likely, but what of the UK housing market?
We’ve put together a quickfire list, looking at what home buyers and sellers can expect from the Conservatives over the next few years in the property market.
More of the same
The Conservatives have been in charge of the for the last nine years; therefore, most of their housing promises should already be in place – with tweaks, rather than sweeping changes, likely to be on the agenda.
Post-Brexit house prices
If Brexit happens with a deal, it should go someway to quelling many of the concerns about the UK property scene in a post-Brexit world. It seems like there will be more certainty around Brexit, which could very well lead to a rise in house prices, if only minimal. We expect to see an increase in pent-up sellers who have been waiting for some clarity.
The Conservatives want to overhaul the planning system, in an effort to speed up the constructions of houses. They will also focus on first-time buyers, offering long-term fixed mortgages with only 5% needed as a deposit, according to their manifesto.
Local first-time buyers could also get 30% off new homes in their area, and Help to Buy will continue to run until at least 2023. Boris Johnson has pledged to boost the private housing sector and build a million new homes over the next five years. Whether they reach these numbers or not is another issue altogether, with the original 2015 promises falling short.
Selling at the right time
Historically, elections haven’t had a sweeping impact on the property market – at least not in the direct aftermath. However, if you were holding back to see the election results or wanted some clarity over Brexit, this definitive result – no matter which party you voted for – should provide a greater even more confidence in the market.
If you’ve got a home to sell, speak to one of our property experts today, and they will tell you everything you need to know about selling your home.